XXXX版证券法英文版PRC_Securities_Law_XXXX

SecuritiesLawofthePeople’sRepublicofChinaDecreeNo.43ofthePresidentofthePeople’sRepublicofChinaPassedbythe6thSessionoftheStandingCommitteeoftheNinthNationalPeople’sCongresson29December1998RevisedinaccordancewiththeDecisiononRevisionofthe“SecuritiesLawofthePeople’sRepublicofChina”passedbythe11thSessionoftheStandingCommitteeoftheTenthNationalPeople’sCongresson28August2004Revisedbythe18thSessionoftheStandingCommitteeoftheTenthNationalPeople’sCongresson27October2005ChapterI—GeneralPrinciplesArticle_1ThisLawispromulgatedforthepurposesofstandardisingissuanceandtradingofsecurities,protectingthelegalrightsandinterestsoftheinvestors,safeguardingsocialandeconomicorderandpublicinterestandpromotingthedevelopmentofthesocialistmarketeconomy.Article_2TheprovisionsofthisLawshallapplytotheissuanceandtradingofshares,corporatebondsandothersecuritiesdeterminedbytheStateCouncilwithinthePeople’sRepublicofChinainaccordancewiththeprovisionsofthelaw.WheretherearenorelevantprovisionsinthisLaw,theprovisionsoftheCompanyLawofthePeople’sRepublicofChinaandotherlawsandadministrativeregulationsshallapply.TheprovisionsofthisLawshallapplytothetradingoflistedtreasurybondsandsecuritiesinvestmentfundunits.Wheretherearespecialprovisionsinotherlawsandadministrativeregulations,suchprovisionsshallprevail.TheadministrativemeasuresonissuanceandtradingofsecuritiesderivativesshallbeformulatedbytheStateCouncilinaccordancewiththeprincipleofthisLaw.Article_3Issuanceandtradingofsecuritiesshallcomplywiththeprinciplesoftransparency,equityandfairness.Article_4Partiesengaginginissuanceandtradingofsecuritiesshallenjoyequallegalstatusandshallcomplywiththeprinciplesofvoluntaryparticipation,compensationandhonestyandtrustworthiness.Article_5Issuanceandtradingofsecuritiesshallcomplywiththeprovisionsoflawsandadministrativeregulations;fraud,insidertradingandmanipulationofthesecuritiesmarketshallbeprohibited.Article_6Thesecuritiesindustryandbankingindustry,trustindustryandinsuranceindustryshallimplementindustryoperationsandadministrationseparately;securitiescompanies,banks,trustorganisationsandinsuranceorganisationsshallbeestablishedseparately,unlessotherwiseprovidedbytheState.Article_7ThesecuritiesregulatoryauthoritiesoftheStateCouncilshallimplementunifiedsupervisionandadministrationonthesecuritiesmarketnationwideinaccordancewiththeprovisionsofthelaw.ThesecuritiesregulatoryauthoritiesoftheStateCouncilmayestablishrepresentativeofficesbasedontheactualneedstoperformsupervisionandadministrationdutiesasauthorised.Article_8UndertheprerequisiteofunifiedStatesupervisionandadministrationonissuanceandtradingofsecuritiesandthesecuritiesindustryassociationshallbeestablishedinaccordancewiththeprovisionsofthelawtoimplementself-governance.Article_9Stateauditauthoritiesshallcarryoutauditandsupervisionoverstockexchanges,securitiescompanies,securitiesregistrationandsettlementorganisationsandsecuritiesregulatoryauthoritiesinaccordancewiththeprovisionsofthelaw.ChapterII—IssuanceofSecuritiesArticle_10PublicofferingofsecuritiesshallsatisfythecriteriaprovidedinthelawsandadministrativeregulationsandobtaintheapprovalofthesecuritiesregulatoryauthoritiesoftheStateCouncilorauthoriseddepartment(s)oftheStateCouncilinaccordancewiththeprovisionsofthelaw.Noorganisationorindividualshallissuesecuritiesforpublicofferingwithoutobtainingpriorapprovalinaccordancewiththeprovisionsofthelaw.Thefollowingsituationsshallbedeemedasapublicoffering:(1)offeringofsecuritiestonon-specifictargets;(2)offeringofsecuritiestomorethan200specifictargets;and(3)otherofferingsprovidedbythelawsandadministrativeregulations.Privateofferingofsecuritiesshallnotcarryoutadvertising,opensolicitationanddisguisedpublicitycampaigns.Article_11Issuersapplyingtomakeapublicshareofferingortoissueconvertiblecorporatebondsbywayofunderwritinginaccordancewiththeprovisionsofthelawortomakeapublicofferingofothersecuritieswhichrequireasponsorasprovidedbythelawsandadministrativeregulationsshallappointaqualifiedorganisationtoactasasponsor.Asponsorshallcomplywithbusinessrulesandindustrynormsandtheprinciplesofhonestyandtrustworthinessandduediligencetoconductduediligencereviewontheapplicationdocumentsandinformationdisclosureoftheissuerandsupervisetheconductoftheissuer.ThequalificationsofsponsorsandtherelevantadministrativemeasuresonsponsorsshallbeprovidedbythesecuritiesregulatoryauthoritiesoftheStateCouncil.Article_12PublicofferingofsharesfortheestablishmentofacompanylimitedbysharesshallsatisfythecriteriastipulatedintheCompanyLawofthePeople’sRepublicofChinaandotherrequirementsprovidedbythesecuritiesregulatoryauthoritiesoftheStateCouncil;anapplicationforshareofferingandthefollowingdocumentsshallbesubmittedtothesecuritiesregulatoryauthoritiesoftheStateCouncil:(1)articlesofassociationofthecompany;(2)founders’agreement;(3)nameofthefounders,sharessubscribedbythefounders,typeofcapitalcontributionandcapitalverificationcertificate;(4)prospectus;(5)nameandaddressofthereceivingbank;and(6)nameoftheunderwriterandtherelevantagreement.Thesponsor’sletterforissuanceissuedb